Pitchstone raises $3,000,000

Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to announce that, subject to regulatory approval, it has arranged a non-brokered private placement to raise $3,000,000 by the issuance of 1,000,000 units at $3.00 per unit to one institutional placee.  Each unit will consist of one common share and one-half of a share purchase warrant, with each whole warrant entitling the holder to acquire one common share for eighteen months from the closing of the offering at a price of $3.75.  Pitchstone will pay a cash finder’s fee in the amount of $150,000 in connection with the private placement.

The proceeds of the private placement will be used for exploration on Pitchstone’s uranium property interests and for general working capital.

Pitchstone is actively exploring for uranium in four proven districts. The property portfolio features eight projects in the eastern Athabasca Basin, Saskatchewan, five of which are joint ventured with Uranium One, with the other three being 100% owned.  In addition, there are five joint venture projects with Triex in the Hornby Bay Basin, Nunavut and NWT, an exploration partnership with Cameco and Motapa Diamonds in the Franceville Basin, Gabon, and an option on three projects in Namibia.  Pitchstone has a unique group of geologists with extensive uranium exploration and production experience.

On behalf of the Board,

E.A.G. (Ted) Trueman, CEO and Director

For further information contact:  Ted Trueman, CEO, (604) 630 5560, ted@pitchstone.net,                  Mark T. Brown, CFO, (604) 687-3520, mark@pitchstone.net, or www.pitchstone.net

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.  This news release may contain assumptions, estimates, and other forward-looking statements regarding future events.  Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company’s control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.